Brand-New NYC Hotel Files Ch. 11 Over Contract Liens

Law360, New York (April 6, 2011, 12:11 PM EDT) -- Waterscape Resort LLC, owner of midtown Manhattan's new Cassa NY Hotel, checked into Chapter 11 on Monday, facing some $20 million in contractor claims — about half of which stem from a soured relationship with ex-construction manager Pavarini McGovern LLC.

The other half of that total consists of subcontractor claims that are duplicative or redundant of the Pavarini claims, Waterscape Executive Vice President Ezak Assa told the U.S. Bankruptcy Court for the Southern District of New York in his declaration.

Pavarini and Waterscape signed a contract...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.